Cromwell EREIT posts unaudited net income of $47.52m in Q1

The Q1 income represents a 5.4% YoY increase.

Cromwell European Real Estate Investment Trust (CEREIT) posted an unaudited net income of $47.52m (€32.5m) for the first quarter, which translates to a 5.4% increase from the same period last year.

The EREIT's manager said the income growth for the quarter was driven by new acquisitions, higher rental income from CPI lease indexation, and positive rent reversions.

The higher income helped push up income available for distribution to unitholders by 7.1% YoY to $34.1m (€23.3m).

However, when new acquisitions, disposals, and property under development are excluded, net income, decreased by 4.4%.

The like-for-like decrease was due to a 2.1% reduction in overall office occupancy and higher tenant-customer incentives in Poland.

Looking at its overall portfolio, occupancy also dropped to 94.8% as of 31 March from 95.0% as of 31 December.

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